Contributing Firms:
The Irish Tax Monitor June 2022
This Month's Roundtable

The Questions

Question 1:The autonomy of Ireland’s tax policy in the European Union : Ireland’s tax regime exists within the framework of an international series of agreements, including, notably the OECD and the EU. Irish Finance Ministers have always emphasised the importance of this national independence when it comes to tax policy. Can you assess the medium term prospects for Ireland, and other small EU countries (e.g. Estonia) to be able to maintain this status quo in coming years?

Question 2: Revenue Commissioners : The Annual Report of the Revenue Commissioners was published in May. Can you comment on its review of the year? (For reference: the full report is available here).

Question 3: VAT - Depository and Global Custody Services : On 23 May 2022, the Revenue Commissioners published a new Tax and Duty manual providing guidance with regard to the VAT treatment of depositary services and global custody services. Can you outline the new guidance and the VAT implications for companies affected?

Question 4: BEPS & International Financial Services: Debt Securities : What are the potential tax implications for Debt Securities issuance in Ireland as a result of the OECD’s BEPS project?

Question 5: Tax Appeals Commission : The Tax Appeals Commission recently published its Annual Report for 2021. Can you please comment on notable cases at the TAC in 2021? (For reference: the full report is available here).

Question 6: SPACS and Ireland: With the growth of Special Purpose Acquisition Companies over the past three years, especially in the US, Ireland has proven to offer an attractive solution for companies looking to list on NASDAQ or NYSE through De-SPAC mergers. What are the main tax considerations for such structures? (Click here for a profile of a Finance Dublin Deals of the Year winning de-SPAC merger involving ADS-TEC

Question 7: Wildcard : Optional ‘Wildcard’ Question

This Month's Roundtable - The Answers

The Tax Appeals Commission’s year; Debt securities; Ireland’s tax independence

This month’s Roundtable Panel analyses the work of the Tax Appeals Commission in 2021; examines how mooted changes in the international tax landscape could affect Irish debt securities issuance; outlines why Ireland is an attractive location for SPAC activity; examines the Revenue Commissioner’s 2021 annual report, and provide perspectives on the future of Ireland’s tax independence.

In This Month's Issue

A world class tax administration with world record revenues

On the back of the phenomenal tax inflows into the Irish Exchequer confirmed by the record breaking EUR96 billion recorded in the 2021 Annual Report of the Revenue Commissioners last month, Ireland’s corporate tax regime has undergone profound changes in the past several years, as a number of contributions in this month’s Roundable remind us. They include the proposed OECD BEPS changes, ATAD, the EU UNSHELL Directive and the DEBRA Directive. Tax measures are also found in other EU legislation such as the EU Whistleblower Directive and the EU Securitisation Regulation, along with other features addressed in recent Irish law, such as the updated Transfer Pricing legislation, enacted in Finance Act 2019.

Analysis - Special Feature

The new Code for Revenue Compliance Interventions, effective May 2022

The revised Code, in force since 1st May 2022, introduces a number of changes to Revenue’s approach including a new three tier-system, the introduction of a risk review and more limitations on making unprompted qualifying disclosures writes Deloitte’s Anna Holohan. She outlines recommendation for taxpayers in light of the new code with full cooperation the key in mitigating penalties.